JAKARTA. PT Cashlez Worldwide Indonesia Tbk (CASH) will hold a private placement, offering shares worth IDR 1.7 billion in total or approximately 10% of its total issued and paid-up capital of IDR 12 each.

Based on the information disclosure in Indonesia Stock Exchange last Monday (30/1), this payment gateway service provider will reportedly offer 143,112,551 shares in its private placement. Said corporate action will take place once the approval from the shareholders is secured.

The management revealed that the private placement proceeds will be used to enhance its working capital and cover capital expenditures, including expanding its business through new product feature and extending the market scope of Cashlez products. The proceeds will also be utilised to develop the QRIS-based payment system to support local MSMEs that have yet to be included in the digital ecosystem.

As of December 31, 2022, CASH’s shareholders consisted of Hasim Sutiono (19.25%), Andri Wijono Sutiono (19.20%), PT Mandiri Capital Indonesia (8.23%), and Tee Teddy Setiawan (7.88%), while public investors with ownership below 5% each claimed the remaining 45,44%. (AM/ZH)